NY mulls plans for $5B windfall from legal settlement

New York state has a $5 billion windfall on the way, and officials are already planning what to do with the money. The funds are coming by way of a legal settlement involving banks and insurance companies.

News 12 Staff

Dec 2, 2014, 4:15 AM

Updated 3,464 days ago

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NY mulls plans for $5B windfall from legal settlement
New York state has a $5 billion windfall on the way, and officials are already planning what to do with the money.
The funds are coming by way of a legal settlement involving banks and insurance companies.
News 12 Long Island asked residents what they think the state should do with the money, and most said it should be used to lower taxes.
However, Gov. Andrew Cuomo and other legislative leaders appear to be headed in a different direction. They're talking about using most, if not all of the money to repair roads, bridges and infrastructure. They say the state desperately needs it, and that it would also help boost the economy.
Kevin Law, of the Long Island Association, has already sent a letter to Cuomo signed by other leading business groups that lays out 10 projects on the Island that they'd like to see get state funding. The projects include improvements around Belmont Racetrack, upgrades to Nassau's Bay Park Sewage Treatment Plant, and new parking at the Ronkonkoma hub.
The plans for the money will be decided by state legislators when they reconvene in January.


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